Dogecoin fell sharply after losing a key support level, triggering a high-volume wave of liquidations and pushing the memecoin toward new monthly lows. The pullback coincided with a steep drop in inflows to a newly launched DOGE exchange-traded fund, while broader crypto benchmarks attempted to stabilize.

Price action and ETF flows

DOGE cracked below the $0.152 floor in a high-volume breakdown that erased the prior week’s stability. The move left the token trading in the $0.13–$0.15 range and down more than 23% over the past month. Intraday, the decline reached roughly 8% and more than 11% over a 24-hour span, according to market data.

At the same time, inflows to the new GDOG fund slowed sharply, falling from about $1.8 million to roughly $365,420 in a single session—an 80% drop—signaling the first clear demand shock for the product. The reversal in institutional participation arrived as the broader market attempted a rebound, with Bitcoin retesting the $92,000 area and higher-beta altcoins bouncing. DOGE, however, continued to trade below both its 50-day and 200-day moving averages, underscoring ongoing relative weakness.

Technical picture: wedge in focus, key levels

Crypto market commentator Clifton Fx highlighted a Falling Wedge pattern on Dogecoin’s 12-hour chart—two converging downward trendlines that often precede a bullish reversal. The analyst argued that a confirmed breakout above the wedge’s upper trendline could set up an aggressive follow-through rally, potentially in the 80%–90% range. As always, such projections depend on confirmation and broader liquidity conditions.

Other technicians pointed to nearby ranges that may guide the next move. A sustained move below $0.150 opens the $0.1495–$0.1478 area, with deeper supports near $0.140 and recent lows around $0.13. On the upside, a recovery would likely require a decisive reclaim of the $0.152–$0.155 zone, with further resistance noted above $0.16.

• Immediate support: $0.150, then $0.1495–$0.1478; below that, $0.140 and ~$0.13
• Near-term resistance: $0.152–$0.155; then ~$0.16
• Trend context: Below 50D and 200D moving averages

Liquidity and whale activity

The sell-off reignited debate over market structure and depth on DOGE order books. Responding to on-chain and flow discussions on X, analyst account CryptoGames3D noted that declining whale activity can cut both ways: large holders may be sidelined and waiting—or exiting the market—either of which can thin liquidity and amplify price moves when selling pressure returns.

Separately, analysts including Martinez and Marks pointed to a sequence of higher supports forming after a prolonged corrective phase, a development they say keeps medium-term bullish signals intact if those levels hold.

Outlook

Scenario analysis remains bifurcated. Bullish technicians are watching for a confirmed breakout from the Falling Wedge and a push toward resistance above $0.16 (often labeled “Phase D” in cycle frameworks). Conversely, if market sentiment deteriorates and supports fail, some chartists warn of a deeper slide toward longer-term channel support, with extreme downside targets as low as $0.056 cited in severe risk-off conditions.

For now, the path likely depends on whether DOGE can stabilize above the mid-$0.15s, rebuild ETF demand, and attract fresh liquidity at key technical levels.

Bitcoin steadied near the $90,000 mark after a sharp early-week sell-off, as on-chain metrics flashed mixed signals between renewed accumulation and late-stage profit-taking.

Market slides, liquidations surge, then stabilization

Bitcoin fell by about 6% on Monday, marking its largest one-day percentage drop since early November, as risk aversion hit digital assets. The decline followed a weak monthly close for November and was accompanied by heavy selling across majors, including ether. Nearly $1 billion in leveraged crypto positions were liquidated during the drawdown, adding momentum to the sell-off.

BTC subsequently rebounded above $88,000 and is testing resistance around $89,500–$90,000. The broader market backdrop remained fragile after reports of a security exploit at Yearn Finance weighed on sentiment and several large-cap altcoins posted declines.

On-chain signals: hidden buying meets profit-taking

Beneath the surface, on-chain indicators offered a contrasting picture. According to On-Chain Mind, Bitcoin is “printing the largest hidden-buying spike of the entire cycle,” suggesting stealth accumulation despite the volatility.

At the same time, on-chain data show significant distribution near $90,000. Analysts flagged that roughly 63,000 BTC shifted from long-term to short-term holders, a move consistent with late-stage profit realization. Analyst Darkfost noted that the amount of BTC in profit sent to exchanges by short-term holders remains relatively low at around 9,500 BTC, though it ticked higher as the price reclaimed $90,000. A report from BeInCrypto also observed rising exchange selling pressure as BTC pushed back above $90,000.

Key levels and technical context

Price action remains range-bound in the low-$90,000 area, with resistance clustered near $89,500–$90,000. Some chartists warn that a loss of the $80,000 support could open the door to deeper downside, with bearish projections extending toward $48,000 in a worst-case scenario. Others point to a potential hidden bullish divergence on the weekly Relative Strength Index, suggesting selling momentum may be fading, according to analyst Ash Crypto.

Demand cools as ETF accumulation slows

Demand indicators have softened. Researchers at CryptoQuant said this week that the market is “highly likely to have seen most of this cycle’s demand wave pass,” noting that spot Bitcoin ETF accumulation has slowed to one of its weakest paces since those products launched.

For now, Bitcoin trades with reduced volatility compared with last week’s swings, as traders watch whether a decisive break above $90,000 can restore upward momentum or if the market retests lower support.

Ether (ETH) extended losses below the $2,900 mark as a broader crypto sell-off weighed on risk appetite, with thin liquidity and elevated leverage amplifying intraday swings. The move left ETH down more than 5% on the day and kept the market’s second-largest asset pinned beneath the psychologically important $3,000 level.

Market snapshot: Broad risk-off hits majors

Bitcoin (BTC), the largest cryptocurrency by market value, fell over 3% to near $87,000 during early Asian trading hours, while ETH slid roughly 5%, according to CoinDesk data. Other large-cap tokens including SOL, DOGE, and XRP declined more than 4%.

The total crypto market capitalization fell below $3 trillion amid reports of thin order books and high leverage, conditions that exacerbated price moves and helped trigger an estimated $400 million in long-position liquidations over the weekend.

Key ETH levels: $2,882 liquidation risk and $3,000–$3,140 resistance

ETH is attempting to defend the $2,800–$2,900 zone after a sharp correction that has reset bullish momentum. Sellers repeatedly capped rebounds beneath former support in the $2,900 area, now acting as resistance. Market structure remains fragile unless price can reclaim $3,000 and, more decisively, $3,140 on convincing volume.

Derivative indicators underline the stakes around current levels. According to Coinglass data, if ETH falls below $2,882, the cumulative long liquidation volume across major centralized exchanges could reach approximately $962 million, potentially intensifying downside volatility.

From a momentum perspective, traders are watching the mid-line of key volatility bands as a pivot. A sustained move above the mid-band could open a gradual grind toward the upper band, while rejection risks a return to lower support to test the durability of the rebound.

Flows, positioning, and on-chain context

Despite the pullback, some metrics point to stabilizing conditions: gas fees have eased and derivatives positioning has reset, while several desks report renewed whale accumulation near the $2,800–$2,900 area. Analysts also note institutional interest remains active, citing recent ETF inflows that have supported medium-term narratives; one widely watched technical view argues ETH is nearing a longer-term breakout, with targets around $3,200 if momentum builds.

At the same time, market structure still reflects caution. ETH has tracked BTC lower in recent sessions, forming a series of lower highs and lower lows. Attempts to briefly reclaim the $3,000 handle have been short-lived as overhead supply persists.

Outlook

• Support: $2,800–$2,882 remains the immediate area to watch given liquidation clusters and recent reaction lows.
• Resistance: $2,900–$3,000 is near-term resistance; a stronger shift in structure likely requires a close above $3,140 with rising volume.
• Risks: Thin weekend liquidity and high leverage could magnify moves in either direction.
• Catalysts: ETF flows, derivatives positioning, and upcoming listed-products activity (including new futures launches) may influence liquidity and price discovery.

For now, ETH remains range-bound below $3,000, with liquidation thresholds and resistance layers set to dictate near-term direction as traders gauge whether a base can form above $2,800.

The crypto market closed November on the back foot, with Bitcoin sliding roughly 20% from recent highs as forced liquidations accelerated and stablecoin capitalization declined by an estimated $2 billion. A mix of macro headwinds, thinning liquidity and leveraged positioning drove sharp intraday swings across major assets.

Liquidations surge as volatility returns

Derivatives-driven moves dominated trading through November, culminating in multiple liquidation waves that intensified price declines.

• Analysts described parts of the sell-off as a “2-sigma long liquidation event,” wiping out speculative long positions and exacerbating downside momentum.
• Market trackers recorded late-month totals approaching $920 million in liquidations, with several 24-hour windows ranging from about $143 million to $184 million across major exchanges.
• A prior shock on October 10, 2025 — an 18.26% one-day drop in Bitcoin — remained a key reference point for risk management, after more than $19 billion in open interest evaporated in 24 hours.

Intraday lows saw Bitcoin trade near $82,000 at one point, while technical signals turned cautious. Several analysts cited a 200-day moving average “death cross” and persistent bearish momentum, though some noted a hidden bullish divergence on higher timeframes that could imply easing selling pressure if supported by improving flows.

Institutional flows, derivatives structure and positioning

The unwind extended into institutional channels. Exchange-traded funds tied to Bitcoin posted net outflows during the month, with reported episodes of more than $1.4 billion in redemptions and cumulative multi-week outflows nearing $3.8 billion. On-chain data also showed large holders moving tens of thousands of BTC out of long-term storage, signaling profit-taking and adding to short-term supply.

Derivatives structure amplified moves. Extreme leverage on some platforms contributed to cascade effects, with large single-position losses triggering follow-on liquidations and widening price gaps. The break of October’s parabolic advance introduced new resistance overhead, with analysts highlighting a cluster in the $98,000–$102,000 area that may cap rebounds until liquidity rebuilds.

Stablecoins under scrutiny

Stablecoin market capitalization contracted by about $2 billion over the month amid broader risk reduction. The Financial Stability Board reiterated that gaps remain in global stablecoin oversight, citing inconsistent reserve and redemption standards across jurisdictions, particularly problematic during thin weekend liquidity.

Against that backdrop, Tether’s leadership publicly pushed back on renewed skepticism around USDt, criticizing ratings commentary and social media narratives they argued were spreading fear, uncertainty and doubt. At the same time, payments initiatives continued: Visa expanded a partnership with infrastructure provider Aquanow to support stablecoin settlement across the CEMEA region, underscoring steady progress in real-world payment pilots.

Macro drivers and near-term outlook

Bitcoin’s correlation profile continued to resemble high-growth technology equities, leaving it sensitive to interest rate expectations and liquidity conditions. Analysts noted that shifting odds around central bank policy — including the U.S. Federal Reserve’s December 10 meeting — influenced risk appetite through November. The Crypto Fear & Greed Index fell into “deep fear,” consistent with rising realized losses and a preference for safer assets.

Even so, pockets of resilience emerged late in the month. Ethereum reclaimed the $2,900 level at one point, while XRP rallied double digits intraweek on improving liquidity forecasts. Whether these bounces can build depends on the path of institutional flows, the depth of order books after the recent deleveraging, and clearer policy signals into year-end.

By the numbers

• Bitcoin: down roughly 20% from recent highs during November; intraday lows near $82,000.
• Liquidations: approximately $920 million during late-month turmoil; multiple 24-hour windows in the $143–$184 million range, per market trackers including Coinglass.
• ETFs: episodes of net outflows exceeding $1.4 billion in November; multi-week outflows nearing $3.8 billion reported.
• Stablecoins: market cap down about $2 billion month over month amid risk reduction and regulatory scrutiny.

Bottom line: November’s drawdown exposed lingering leverage and liquidity fragilities. With macro policy decisions looming and risk indicators still fragile, markets are watching for stabilization in ETF flows, improved order book depth, and clearer regulatory footing for stablecoins to gauge prospects for a sustained recovery.